The Federal Capital Territory Administration (FCTA) has formalised development agreements with Suburban Broadband Limited and Akida Hills Limited for the transformation of Jabi Lake into a major recreational and tourism hub in Abuja.
The agreements were signed during a brief ceremony held at the conference room of the FCT Minister, Nyesom Wike, who described the initiative as part of ongoing efforts to reposition the nation’s capital as a modern, investment-friendly city.
Wike noted that Abuja remains one of the fastest-growing cities in Africa and possesses immense potential as a leisure and tourism destination.
However, he decried the activities of land speculators, accusing them of stalling development by acquiring plots without undertaking meaningful projects.
According to the minister, the administration has adopted a firm stance against land hoarding, warning that allottees must commence and complete development within six months or risk revocation of their land titles.
“It is no longer business as usual for those who hoard government land for speculative purposes. Anyone allocated land must develop it within the stipulated timeframe or forfeit it,” he stated.
Speaking on behalf of Suburban Broadband Limited, Mr. Pankaj Khandelwal described the agreement as a significant milestone for the company.
He said the project represents a major investment that would stimulate socio-economic growth, boost tourism, and generate employment opportunities within the Federal Capital Territory.
Similarly, Mr. Bamisile Olukayode, representing Akida Hills Limited, commended the minister’s commitment to infrastructural renewal and urban transformation.
He characterised the Jabi Lake development project as both ambitious and transformative.
Olukayode revealed that the envisioned recreation hub would rival iconic global attractions such as Times Square and the Dubai Fountain.
He added that the project aims to position Abuja among leading world-class cities and assured that construction would be completed before the end of the year.
The planned redevelopment of Jabi Lake is expected to enhance the capital’s tourism appeal, provide modern leisure facilities, and further cement Abuja’s status as a premier destination for business and recreation.
